Pharmaceutical Giants Gear Up for Medicare Law Revamp

The U.S. pharmaceutical industry is attempting to delay the timeline for Medicare's drug price negotiations following the passage of the Inflation Reduction Act. Lobbying efforts are in place to extend drug negotiation eligibility periods, with a focus on gaining support from Republican lawmakers and the Trump transition team.

The American pharmaceutical industry is preparing a push to overturn a recent law permitting Medicare to negotiate costs for expensive prescription medications, once President-elect Donald Trump assumes office. As reported by lobbyists and healthcare policy experts, efforts to modify this law are already underway.

Lobbyists associated with leading pharmaceutical companies are advocating for extending the negotiation eligibility period for pills and other small molecule drugs by an additional four years. They have engaged directly with members of the Trump transition team to explore potential changes to the legislation introduced under President Joe Biden.

Critics argue that the Inflation Reduction Act's negotiation terms could stifle drug innovation. Meanwhile, close monitoring is on as the incoming administration's composition might determine the pharmaceutical sector's success in these lobbying efforts, especially considering budget reconciliation opportunities in a Republican-led Senate.

(With inputs from agencies.)